T. Rowe Price Group, Inc. to Issue Quarterly Dividend of $1.24 (NASDAQ:TROW)

T. Rowe Price Group, Inc. (NASDAQ:TROW) announced a quarterly dividend on Tuesday, May 7th, RTT News reports. Shareholders of record on Friday, June 14th will be given a dividend of 1.24 per share by the asset manager on Thursday, June 27th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.45%.

T. Rowe Price Group has raised its dividend by an average of 10.7% per year over the last three years and has increased its dividend every year for the last 38 years. T. Rowe Price Group has a payout ratio of 56.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect T. Rowe Price Group to earn $8.86 per share next year, which means the company should continue to be able to cover its $4.96 annual dividend with an expected future payout ratio of 56.0%.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW traded down $0.49 during trading on Tuesday, hitting $111.52. The company had a trading volume of 383,982 shares, compared to its average volume of 1,442,129. The stock has a market cap of $24.90 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 1.93 and a beta of 1.40. T. Rowe Price Group has a one year low of $87.43 and a one year high of $132.76. The company has a fifty day simple moving average of $115.23 and a two-hundred day simple moving average of $107.57.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.34. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.71 billion. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.69 EPS. On average, equities research analysts anticipate that T. Rowe Price Group will post 8.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TROW. Keefe, Bruyette & Woods raised shares of T. Rowe Price Group from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $106.00 to $120.00 in a research report on Thursday, April 11th. Citigroup lifted their target price on shares of T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Wells Fargo & Company boosted their price objective on shares of T. Rowe Price Group from $105.00 to $108.00 and gave the stock an “underweight” rating in a report on Friday, February 9th. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Finally, UBS Group lifted their target price on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the stock a “sell” rating in a research report on Friday, April 12th. Four research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $112.10.

Insider Activity

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the sale, the director now directly owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the transaction, the director now directly owns 21,073 shares in the company, valued at $2,493,357.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jessica M. Hiebler sold 1,138 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the sale, the insider now directly owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,921 shares of company stock valued at $1,500,133. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.